Key Highlights

NOVONIX Anode Materials (NAM)

NOVONIX Battery Technology Solutions (BTS)

NOVONIX Corporate Updates

NOVONIX Anode Materials (NAM)

Appointed Kimberly Heimert as Chief Legal and Risk Officer Global supply chains for battery materials remain under pressure from evolving trade policies and restrictions on critical mineral exports, while U.S. policy continues to incentivize domestic production of critical minerals and supply chain security. Under new legislation, battery producers who wish to claim a Section 45X Advanced Manufacturing Production Tax Credit will be ineligible if they receive “material assistance” from a Prohibited Foreign Entity (PFE). These dynamics further underscore the importance of NOVONIX’s fully domestic synthetic graphite production capabilities with no involvement of PFEs under U.S. legislation.

The Company also continued to provide advanced samples of synthetic graphite materials to a broad range of customers and potential customers across the battery, energy storage, and industrial sectors. Collaboration with LG Energy Solution remains active beyond the expiration of the prior Joint Development Agreement, with development continuing on materials tailored to LGES specifications.

As NOVONIX advances toward initial mass production at Riverside, the Company is strengthening its position as a leading domestic supplier of compliant, high-performance anode active materials. These efforts reinforce NOVONIX’s role in building a resilient North American battery materials supply chain and in supporting the region’s long-term energy security.

U.S. Department of Commerce announces preliminary determination on antidumping duty investigation

In July, the U.S. Department of Commerce (“Commerce”) announced its preliminary determination to impose antidumping (“AD”) tariffs ranging from 93.5% to 102.7% on anode active material (“AAM”), which includes certain synthetic and natural graphite imports from

China. The effective tariff rate for AAM from China is currently in excess of 160%, which includes the AD tariffs, previously announced Countervailing Duties (“CVD”) of at least 11.5% preliminarily determined by Commerce in May, President Trump’s blanket 30% tariffs on goods from China, and 25% Section 301 tariffs implemented by the Office of the United States Trade Representative last year.

The AD investigation determines whether graphite is being sold at less than fair market value (i.e., “dumped”), while the CVD investigation determines whether the Chinese government is subsidizing the production and supply of graphite AAM to the United States. The additional AD tariff announced by Commerce in July stacks on top of the previously announced CVD. The final determinations for both the AD and CVD investigations are expected to be issued in early 2026.

These decisions underscore the strategic importance of building a domestic supply chain for critical minerals, including synthetic graphite, in the United States. It affirms our business strategy as well as the diversification strategy of our customers to source critical battery materials and components locally. NOVONIX, with the most advanced synthetic graphite production facility in North America, will be significantly increasing the United States production of a critical mineral while strengthening American manufacturing and creating high-quality jobs locally.
 

NOVONIX Battery Technology Solutions (BTS)
This quarter, revenue from BTS' Ultra-High Precision Coulometry (“UHPC”) hardware business surpassed 2024 total UHPC revenue, driven by improved sales and marketing efforts, as well as ongoing R&D investments across North America, Europe, and Asia. Our UHPC line of business is on a path to reach double digit year-over-year growth. Our R&D services business also delivered a steady performance with consistent revenue during the quarter, with a clear focus on expanding the Q4 pipeline.

In September, members of our UHPC team visited customers and prospective customers in China with our distributor, Toyo China and in October, NOVONIX exhibited at The Battery Show North America in Detroit, Michigan.

Cathode Materials
This quarter, NOVONIX Cathode Materials continued to advance its all-dry, precursor free cathode technology, sending first- and second-round samples to OEMs and Tier-1 battery manufacturers. This proprietary process eliminates the use of water and harmful solvents, increases production efficiency, and reduces energy consumption and greenhouse gas emissions compared to conventional wet processes. With foundational patents secured, we remain focused on scaling the process and progressing commercial licensing discussions.

The benefits of the NOVONIX process, as compared to a conventional process, include:

These results demonstrate the potential of NOVONIX’s cathode process to reshape the economic and environmental footprints of cathode production at commercial scale.


Selected to receive up to CAD$5 million in non-dilutive grant funding from Natural Resources Canada
In August, NOVONIX Cathode Materials was selected to receive up to CAD $5 million in non-dilutive grant funding from Natural Resources Canada under the Energy Innovation Program’s Battery Industry Acceleration call for proposals, which will support the continued development and scale-up of NOVONIX’s patented all-dry, precursor free cathode technology at its pilot facility in Nova Scotia, Canada.

The four-year grant project will focus on:

This investment marks a key milestone in NOVONIX’s strategy to advance sustainable battery materials and technologies. The Battery Industry Accelerator program is part of Canada’s broader strategy to bolster domestic battery manufacturing capabilities, create high-quality jobs, and support companies developing breakthrough clean technologies.

Patents for cathode synthesis technology granted in the United States and Europe
NOVONIX has been granted its foundational patent in the United States and Europe for our all-dry, pre-curser free cathode synthesis process. This patented technology is the first of its kind in the United States (US12378132) and Europe (EP4021854), eliminating the need for precursor materials and directly converting raw metal feeds into finished NMC cathode active materials.

This milestone builds on the Japanese patent (JP7504195B2) granted in 2024 and affirms NOVONIX’s commitment to advancing the future of energy storage through the development of

high-performance, sustainable, and cost-efficient materials.
 

NOVONIX Corporate Updates

Announced US$100 million Convertible Debenture Transaction with Yorkville Advisors

In July, NOVONIX and Yorkville Advisors LP announced the execution of a binding multi-tranche funding agreement to provide NOVONIX up to US$100 million (of which US$40 million is subject to further mutual consent of the parties), in exchange for the issue of up to US$100 million of unsecured convertible debentures to Yorkville (the “Debentures”). Upon issuance of the Debentures, the Company completed the First Tranche drawdown of $24.5 million ($23.3 million cash received, net of a 5% discount to the face value of the drawdown).

On 16 September 2025 a draw of $23.5 million ($20.3 million cash received, net of a 5% discount to the face value of the draw and related fees) from the Second Tranche was completed.

On 9 October 2025 the final draw of the Second Tranche of $12.0 million ($11.4 million cash received, net of a 5% discount to the face value of the drawdown) was completed.

On 28 October 2025 announced the mutual agreement between Yorkville and the Company for the draw of the Additional Drawdown Amount of $40.0M ($38.0M, net of a 5% discount to the face value) and the completion of the drawdown of the Additional Drawdown Amount.

When considering the amounts received from the Second Tranche final draw of $11.4M and the Additional Drawdown Amount of $38.0M, total cash received from the Yorkville Debentures subsequent to 30 September 2025 and through the date of this report was $49.4M.

Extraordinary General Meeting

The Company held an Extraordinary General Meeting of shareholders on 8 September 2025 at 9:00am (AEST) in person at the offices of Allens, Level 26, 480 Queen Street, Brisbane.

All resolutions carried.

Sold Mt Dromedary Natural Graphite Project in Queensland to Lithium Energy for AUD $2 million
In September, NOVONIX announced the sale of its wholly owned subsidiary, MD South Tenements Pty Ltd, holder of contractual interests in the Mt Dromedary Natural Graphite Project in Queensland, in consideration of AUD $2 million cash pursuant to a Share Sale and Purchase Agreement (dated 24 September 2025) with Axon Graphite Limited, a wholly-owned subsidiary of Lithium Energy Limited (ASX: LEL).

Lithium Energy has also repaid AUD $250,000 advanced by NOVONIX under an IPO Funding Deed with Axon Graphite, which had been NOVONIX’s contribution towards 50% of the IPO-related costs incurred by Axon Graphite.

The sale of the Mt Dromedary asset allows the company to focus its efforts on the production of synthetic graphite and direct its resources toward delivering the most advanced synthetic graphite project in the United States.
 

Executive Leadership Appointments
Over the past year, NOVONIX has built a new executive leadership team to guide the company through its next phase of growth and execution. With the recent appointments of Kimberly Heimert as Chief Legal and Risk Officer and Dwayne Johnson as Chief Operating Officer, alongside Mike O’Kronley, Chief Executive Officer, and Robert Long, Chief Financial Officer, NOVONIX has assembled an experienced team of leaders with deep expertise across operations, finance, legal, and strategy. Together, this leadership group is focused on driving NOVONIX’s continued growth, operational excellence, and advancement of a sustainable, domestic battery materials supply chain.

Appointed Dwayne Johnson as Chief Operating Officer (post-quarter)
In October 2025, the Company appointed Dwayne Johnson as Chief Operating Officer. Mr. Johnson brings over 30 years of experience in manufacturing and capital project leadership, with a proven record of driving strategic growth, operational excellence, and continuous improvement across multiple industries.

Prior to joining NOVONIX, Mr. Johnson served as Vice President of Strategy, Capital Projects, and Operations at EMT, the largest supplier of manufactured products to the cementitious building products industry. In this role, he led the execution of a five-year strategic growth plan that expanded operations to 10 greenfield manufacturing facilities, oversaw more than $500 million in capital investments, and doubled the company profitability.

Mr. Johnson holds both B.S. and M.S. degrees in Chemical Engineering from Case Western Reserve University, where he graduated Magna Cum Laude, as well as an MBA. His extensive background in facility construction, process scale-up, and operational strategy will further advance NOVONIX’s mission to build a sustainable and scalable domestic supply chain for battery materials.

Appointed Kimberly Heimert as Chief Legal and Risk Officer
In September, NOVONIX appointed Kimberly Heimert as Chief Legal and Risk Officer. Ms. Heimert brings 30 years of global experience in private equity, debt finance, infrastructure investment, and clean energy. She has held senior legal and leadership roles across the public and private sectors, including serving as General Counsel of the Overseas Private Investment Corporation (now the U.S. DFC), General Counsel of Africa50, and Deputy Chief Counsel of the U.S. Department of Energy’s Loan Programs Office. Most recently, she was CEO of Energy Transition Advisory Group LLC, advising on critical minerals, infrastructure, and sustainable investment.

Her extensive expertise in law, enterprise risk management, corporate governance, and sustainability will support NOVONIX’s continued growth and mission to commercialize a domestic and sustainable alternative to foreign-sourced graphite.

Financial Overview

Cash Balance

The Company’s cash balance as of 30 September 2025 was $44.7 million.

Payments to Related Parties
A total of $142,000 was paid to Directors and their associates for salary and wages, director fees, and superannuation during the quarter ended 30 September 2025.

Capital Expenditures

The Company invested US$13.7 million in property, plant and equipment during the quarter ended 30 September 2025, primarily for production assets at its Riverside facility in Chattanooga, Tennessee. In the quarter ending 31 March 2025, the Company submitted a $15.2 million claim for reimbursement from the DOE’s Office of Manufacturing and Energy Supply Chains (“MESC”). This reimbursement has not yet been received as of the issuance of this QAR. In connection with the federal government’s recent cost reduction efforts, as of 30 September 2025 MESC is currently reviewing all grants previously made under the Bipartisan Infrastructure Law to determine which projects are aligned with national and economic security interests. While as of

30 September 2025 the timing of MESC’s review is uncertain, the Company continues to comply with all requests from MESC and advances its progress at Riverside to reach production for its lead customer, Panasonic.

This announcement has been authorized for release by NOVONIX Chairman,
Mr. Ron Edmonds.
 

About NOVONIX

NOVONIX strives to reduce supply chain risk, support U.S. energy independence, and establish a resilient battery materials supply chain. The company is building a North American platform for critical battery materials—anchored by its Chattanooga, Tennessee headquarters and anode materials operations, expanding through its patented all-dry, precursor-free cathode synthesis technology, and supported by industry-leading battery cell testing and R&D services.

Together, these capabilities position NOVONIX as an integrated supplier of advanced battery materials and technologies powering the energy storage and electrification economy.

To learn more, visit www.novonixgroup.com or follow us on LinkedIn and X.

For NOVONIX Limited
Investors: ir@novonixgroup.com
Media: media@novonixgroup.com

Cautionary Note Regarding Forward-Looking Statements
This report contains forward-looking statements about the Company and the industry in which it operates. Forward-looking statements can generally be identified by use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or other similar expressions. Examples of forward-looking statements in this report include, among others, statements we make regarding our progress and timing of meeting our target production capacity and scaling and commencement of commercial production at our Riverside facility, production and shipping timelines, the increasing demand of customers, potential future offtake and other agreements, the impacts of economic uncertainty, tariffs, and other legislation on our timely achievement of targets and customer milestones, our ability to obtain or maintain and benefit from additional government funding and other support, our expectations of the benefit of the antidumping ruling and tariffs imposed on China, improving and growing our battery testing

equipment and research and development services business, our continued investment in and efforts to commercialize our cathode synthesis technology, our receipt of future proceeds from the convertible debentures offering, and our efforts to help localize the battery supply chain for critical materials and play a leading role in the transition to cleaner energy solutions.

We have based such statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Such forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the timely deployment and scaling of our furnace technology, our ability to meet the technical specifications and demand of our existing and future customers, the accuracy of our estimates regarding market size, expenses, future revenue, capital requirements, our needs and access for additional financing, the impact of government support, our ability to develop and commercialize our cathode process and materials, yields and costs and without substantial delays or operational problems, our ability to obtain patent rights effective to protect our technologies and processes and successfully defend any challenges to such rights and prevent others from commercializing such technologies and processes, and regulatory developments in the United States, Australia and other jurisdictions. These and other factors that could affect our business and results are included in our filings with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s most recent annual report on Form 20-F. Copies of these filings may be obtained by visiting our Investor Relations website at www.novonixgroup.com or the SEC's website at www.sec.gov.

Forward-looking statements are not guarantees of future performance or outcomes, and actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this report. Accordingly, recipients of this report should not place undue reliance on forward-looking statements. Any forward-looking statement in this report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.

Industry and Market Data
This Report contains estimates and information concerning our industry and our business, including estimated market share in the markets for our products. Unless otherwise expressly stated, we obtained this industry, business, market, and other information from reports, research

surveys, studies, and similar data prepared by third parties, industry, general publications, government data, and similar sources. This Report also includes certain information and data that is derived from internal research. While we believe that our internal research is reliable, such research has not been verified by any third party.

Estimates and information concerning our industry, and our business, involve a number of assumptions and limitations. Although we are responsible for all the disclosure contained in this Report and we believe the third-party market position, market opportunity and market size data included in this Report are reliable, we have not independently verified the accuracy or completeness of this third-party data. Information that is based on projections, assumptions, and estimates of our future performance and the future performance of the industry in which we operate is necessarily subject to a high degree of uncertainty and risk due to a variety of factors, which could cause results to differ materially from those expressed in these publications and report.

Appendix 4C
Quarterly cash flow report for entities
subject to Listing Rule 4.7B

Compliance statement

Notes